SAN DIEGO – A 359,218-square-foot, 24-story office building in Downtown San Diego has sold to a joint venture between Lincoln Property Company and Angelo, Gordon & Company for $49 million. The high rise is located at 600 B Street. It is 85 percent occupied. Notable tenants include the City of San Diego and Bridgepoint Education, as well as several law firms. This is Lincoln’s first acquisition in the area since it opening a San Diego office this past May.
MARLBOROUGH, MASS. — Verax Biomedical has signed a lease for 16,876 square feet of office and laboratory space at 120 Bartlett St. in Marlborough. Verax develops rapid tests for detecting bacterial contaminants in blood cells and tissue. Dan Collins, Stephen Cusano and Tom Egan of NAI Hunneman represented the landlord, The Ram Cos., in the transaction. Jones Lang LaSalle represented the tenant.
HOUSTON — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has closed on its acquisition of West Loop I & II, a 313,873-square-foot office complex located in Houston's Bellaire submarket. The office complex recently underwent nearly $4 million in capital improvements, including elevator upgrades and renovations for its adjacent eight-story parking deck. Charles Schreiber, Jr., Peter Bren, Keith Hall and Peter McMillan III of KBS Realty Advisors sponsored the buyer in the transaction, and KBS Capital Advisors LLC advised the REIT.
THE WOODLANDS — Layne Christensen Co., a water management and construction firm, has signed a 51,152-square-foot lease for space in One Hughes Landing, a Class A office property being developed in the 66-acre Hughes Landing on Lake Woodlands mixed-use development in The Woodlands. When built out, One Hughes Landing will span eight stories and 197,000 square feet. Houston-based Gensler has designed the property to LEED Silver certification standards. Layne Christensen Co. signed the lease for the top two floors of the office building with the project's developer, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp. Texas Capital Bank and Woodforest National Bank provided $38 million in non-recourse financing to The Howard Hughes Corp. for the development of One Hughes Landing. Robert Parsley and Norman Munoz of Colliers International represented the landlord in the lease transaction. Sven Sykes of Colliers' Chicago office, Brian Johnson of the firm's Kansas City office and Jay Kyle of the firm's Houston office represented the tenant.
SAN DIEGO — Lightwave Corporate Center, a 166,892-square-foot data center and office property in San Diego, has sold to an unnamed buyer for an undisclosed sum. It is located at 9305 Lightwave Ave. in the Kearny Mesa submarket. The center is fully leased to tenants such as American Internet Services and the San Diego Gas & Electric Company. The property was jointly marketed by HFF’s Nick Psyllos and Ryan Gallagher, along with CBRE’s Kevin Shannon, Scott Schumacher, Ken White, Brad Black and Rob Merkin. The seller was LBA Realty.
STERLING, VA. — Orbital Sciences Campus, a three-building, 337,228-square-foot Class A office complex, has traded for $85.6 million in Sterling. A fund advised by Prudential Real Estate Investors (PREI) sold it to Select Income REIT free and clear of existing debt. The property is situated at the intersection of Warp Drive and Route 28 North approximately 29 miles northwest of Washington, D.C. The property, which was built in 2001, is 100 percent leased on a long-term basis to Orbital Sciences Corp. and serves as the company’s global headquarters. Amenities include an outdoor patio, conference facilities, cafeteria, fitness center, basketball court and multiple running and biking trails. Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented the seller.
DURHAM, N.C. — A joint venture between Charlotte, N.C.-based Grubb Properties and Philadelphia-based Rubenstein Partners has acquired a two-building, 193,000-square-foot office portfolio in the Imperial Center office park in Durham. The two buildings are located adjacent to the Research Triangle Park at 1015 and 1035 Swabia Court, and have been occupied by a corporate tenant since construction in 1987 and 1988. Grubb Properties will oversee property management and construction management for the buildings and will lease the 1015 Swabia Court office building. The joint venture will partner locally with Cassidy Turley’s lab and life science team to market the 1035 Swabia Court office building, which includes a mix of office and laboratory space.
NEW YORK CITY — Macy's Inc. has signed a 31,700-square-foot lease expansion to occupy the entire 10th floor of 1440 Broadway in Times Square. The office transaction also concurrently extends the lease for 166,000 square feet on floors six through nine and 13. The retailer now occupies more than 197,000 square feet at the property. The dual transaction also represents Macy's third expansion at the property in the past 24 months. Scott Gottlieb and Michael Laginestra of CBRE Group represented the tenant in the transaction. Monday Properties owns and manages the property.
HOUSTON — Skanska has completed the topping out of a 302,000-square-foot, 20-story office tower, located at 3009 Post Oak Blvd. in uptown Houston. Houston-based Kirksey Architects designed the Class A property to LEED Platinum standards. The building will include several sustainable energy-efficient features such as a state-of-the-art HVAC system, recycling center and rainwater collection system.
MIDLAND — Houston-based Satterfield & Pontikes Construction has planned the construction of multiple 100,000-square-foot office properties, located in the master-planned Westridge Park in Midland. Houston-based Kirksey Architects is designing the new four-story properties. Ron McWherter of CBRE's Houston office and Bill Scott of Midland Texas Real Estate are handling the leasing for the property.